The efforts of Army Chief General Syed Asim Munir and Caretaker Finance Minister paid off. The IMF has approved the second tranche of $700 million for Pakistan.
According to the Ministry of Finance, the first review under the short-term loan program of 3 billion dollars in the IMF Board was successfully completed, after which Pakistan will get 700 million dollars from the IMF by January 13.
Officials said that the caretaker government has strictly implemented economic reforms and made strong efforts to limit the deficit.
According to the announcement, Pakistan will receive 1.9 billion dollars from the IMF, which will increase the foreign exchange reserves to 14 billion dollars by January 13.
Loan sanctioned under Standby Arrangement Program for Pakistan. A staff-level agreement was reached on November 15, 2023, on completion of the first economic review.
Pakistan has already received $1.2 billion from the loan program.
